What is WTO?

World Trade Organization is an international organization which was founded 1 January 1995 for the purpose of international trade liberalization and regulation of trade and political relations between the members of WTO. It based on General Agreement on Tariffs and Trade (GATT), which was commenced in 1947. WTO is responsible for the development and introduction of new trade agreements. Also they look after contract performance. They discuss problems and make decisions on global issue of world trade. This take place in the framework of multilateral trade negotiations. Now in WTO are around 160 countries. WTO rule’s provide a number of benefits for developing countries.